<SEC-DOCUMENT>0001104659-23-032876.txt : 20230315
<SEC-HEADER>0001104659-23-032876.hdr.sgml : 20230315
<ACCEPTANCE-DATETIME>20230315170539
ACCESSION NUMBER:		0001104659-23-032876
CONFORMED SUBMISSION TYPE:	N-CEN/A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20221231
FILED AS OF DATE:		20230315
DATE AS OF CHANGE:		20230315
EFFECTIVENESS DATE:		20230315

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ADAMS NATURAL RESOURCES FUND, INC.
		CENTRAL INDEX KEY:			0000216851
		IRS NUMBER:				135506797
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CEN/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-02736
		FILM NUMBER:		23736063

	BUSINESS ADDRESS:	
		STREET 1:		500 EAST PRATT STREET
		STREET 2:		SUITE 1300
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202
		BUSINESS PHONE:		4107525900

	MAIL ADDRESS:	
		STREET 1:		500 EAST PRATT STREET
		STREET 2:		SUITE 1300
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ADAMS NATURAL RESOURCES FUND
		DATE OF NAME CHANGE:	20150331

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PETROLEUM & RESOURCES CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CEN/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns="http://www.sec.gov/edgar/ncen" xmlns:ns1="http://www.sec.gov/edgar/common" xmlns:sccom="http://www.sec.gov/edgar/sccommon" xmlns:ncom="http://www.sec.gov/edgar/ncencommon" xmlns:iso="http://www.sec.gov/edgar/iso_statecodes" xmlns:exch="http://www.sec.gov/edgar/iso_exchangelist" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <schemaVersion>X0404</schemaVersion>
  <headerData>
    <submissionType>N-CEN/A</submissionType>
    <accessionNumber>0001104659-23-031304</accessionNumber>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0000216851</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>
      <investmentCompanyType>N-2</investmentCompanyType>
    </filerInfo>
  </headerData>
  <formData>
    <generalInfo reportEndingPeriod="2022-12-31" isReportPeriodLt12="N"/>
    <registrantInfo>
      <registrantFullName>ADAMS NATURAL RESOURCES FUND, INC.</registrantFullName>
      <investmentCompFileNo>811-02736</investmentCompFileNo>
      <registrantCik>0000216851</registrantCik>
      <registrantLei>549300LPTQAH0G3NGD42</registrantLei>
      <registrantstreet1>500 East Pratt Street</registrantstreet1>
      <registrantstreet2>Suite 1300</registrantstreet2>
      <registrantcity>Baltimore</registrantcity>
      <registrantzipCode>21202</registrantzipCode>
      <registrantstate>US-MD</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>410-752-5900</registrantphoneNumber>
      <websites>
        <website webpage="www.adamsfunds.com"/>
      </websites>
      <locationBooksRecords>
        <locationBooksRecord>
          <officeName>Adams Natural Resources Fund, Inc.</officeName>
          <officeAddress1>500 East Pratt Street</officeAddress1>
          <officeAddress2>Suite 1300</officeAddress2>
          <officeCity>Baltimore</officeCity>
          <officeStateCountry officeState="US-MD" officeCountry="US"/>
          <officeRecordsZipCode>21202</officeRecordsZipCode>
          <officePhone>410-752-5900</officePhone>
          <booksRecordsDesc>All accounts, books, and documents required to be maintained by the Registrant pursuant to Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 through 31a-3 thereunder are maintained at the office of the Registrant except all those relating to the activities of the Fund's Custodian and Transfer Agent.</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>The Northern Trust Company</officeName>
          <officeAddress1>50 South La Salle Street</officeAddress1>
          <officeCity>Chicago</officeCity>
          <officeStateCountry officeState="US-IL" officeCountry="US"/>
          <officeRecordsZipCode>60603</officeRecordsZipCode>
          <officePhone>312-630-6000</officePhone>
          <booksRecordsDesc>All accounts, books and documents relating to the activities of the Fund's Custodian and Securities Lending Agent.</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>American Stock Transfer &amp; Trust Company, LLC</officeName>
          <officeAddress1>6201 15th Avenue</officeAddress1>
          <officeCity>Brooklyn</officeCity>
          <officeStateCountry officeState="US-NY" officeCountry="US"/>
          <officeRecordsZipCode>11219</officeRecordsZipCode>
          <officePhone>718-921-8200</officePhone>
          <booksRecordsDesc>All accounts, books and documents relating to the activities of the Fund's Transfer Agent.</booksRecordsDesc>
        </locationBooksRecord>
      </locationBooksRecords>
      <isRegistrantFirstFiling>N</isRegistrantFirstFiling>
      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <registrantFamilyInvComp isRegistrantFamilyInvComp="Y" familyInvCompFullName="Adams Funds"/>
      <registrantClassificationType>N-2</registrantClassificationType>
      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
      <directors>
        <director>
          <directorName>Mark E. Stoeckle</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-00248"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Kenneth J. Dale</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-00248"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Frederic A. Escherich</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-00248"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Roger W. Gale</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-00248"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Lauriann C. Kloppenburg</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-00248"/>
            <fileNumberInfo fileNumber="811-04456"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Kathleen T. McGahran</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-00248"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Jane Musser Nelson</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-00248"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Mary Chris Jammet</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-00248"/>
          </fileNumbers>
        </director>
      </directors>
      <chiefComplianceOfficers>
        <chiefComplianceOfficer>
          <ccoName>Janis F. Kerns</ccoName>
          <crdNumber>N/A</crdNumber>
          <ccoStreet1>500 East Pratt Street</ccoStreet1>
          <ccoStreet2>Suite 1300</ccoStreet2>
          <ccoCity>Baltimore</ccoCity>
          <ccoStateCountry ccoState="US-MD" ccoCountry="US"/>
          <ccoZipCode>21202</ccoZipCode>
          <ccoPhone>XXXXXX</ccoPhone>
          <isCcoChangedSinceLastFiling>N</isCcoChangedSinceLastFiling>
          <ccoEmployers>
            <ccoEmployer ccoEmployerName="N/A" ccoEmployerId="N/A"/>
          </ccoEmployers>
        </chiefComplianceOfficer>
      </chiefComplianceOfficers>
      <securityMatterSeriesInfo isRegistrantSubmittedMatter="Y"></securityMatterSeriesInfo>
      <isPreviousLegalProceeding>N</isPreviousLegalProceeding>
      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isClaimFiled>N</isClaimFiled>
      <coveredByInsurancePolicy isCoveredByInsurancePolicy="Y" isClaimFiledDuringPeriod="N"/>
      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
      <releaseNumbers isExemptionFromAct="Y">
        <releaseNumberInfo releaseNumber="IC-26780"/>
      </releaseNumbers>
      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
      <publicAccountants>
        <publicAccountant>
          <publicAccountantName>PricewaterhouseCoopers LLP</publicAccountantName>
          <pcaobNumber>238</pcaobNumber>
          <publicAccountantLei>N/A</publicAccountantLei>
          <publicAccountantStateCountry publicAccountantState="US-MD" publicAccountantCountry="US"/>
        </publicAccountant>
      </publicAccountants>
      <isPublicAccountantChanged>N</isPublicAccountantChanged>
      <isMaterialWeakness>N</isMaterialWeakness>
      <isOpinionOffered>N</isOpinionOffered>
      <isMaterialChange>N</isMaterialChange>
      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <paymentDividendSeries isPaymentDividend="Y"></paymentDividendSeries>
    </registrantInfo>
    <managementInvestmentQuestionSeriesInfo>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Adams Natural Resources Fund, Inc.</mgmtInvFundName>
        <mgmtInvLei>549300LPTQAH0G3NGD42</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>Y</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>The Northern Trust Company</securitiesAgentName>
            <securitiesAgentLei>6PTKHDJ8HDUF78PFWH30</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
          <paymentToAgentManagerType>Administrative fee</paymentToAgentManagerType>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>12680628.000000000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>16239.000000000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <transferAgents>
          <transferAgent>
            <transferAgentName>American Stock Transfer and Trust Company, LLC</transferAgentName>
            <transferAgentFileNo>084-00416</transferAgentFileNo>
            <transferAgentLei>254900TS5EWP83BEOU02</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NJ" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>The Northern Trust Company</custodianName>
            <custodianLei>6PTKHDJ8HDUF78PFWH30</custodianLei>
            <custodianStateCountry custodianState="US-IL" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>American Stock Transfer and Trust Company, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>254900TS5EWP83BEOU02</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NY" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Strategas Securities, LLC</brokerName>
            <brokerFileNo>8-68138</brokerFileNo>
            <brokerCrdNo>000149326</brokerCrdNo>
            <brokerLei>254900D5NQ2O9DJLKH96</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>21205</grossCommission>
          </broker>
          <broker>
            <brokerName>Evercore Group LLC</brokerName>
            <brokerFileNo>8-49830</brokerFileNo>
            <brokerCrdNo>000042405</brokerCrdNo>
            <brokerLei>5493008F0LRLS5N8LZ81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>17122</grossCommission>
          </broker>
          <broker>
            <brokerName>STIFEL, NICOLAUS &amp; CO., INC.</brokerName>
            <brokerFileNo>8-1447</brokerFileNo>
            <brokerCrdNo>000000793</brokerCrdNo>
            <brokerLei>5WUVMA08EYG4KEUPW589</brokerLei>
            <brokerStateCountry brokerState="US-MO" brokerCountry="US"/>
            <grossCommission>12594</grossCommission>
          </broker>
          <broker>
            <brokerName>Wolfe Research Securities</brokerName>
            <brokerFileNo>8-68406</brokerFileNo>
            <brokerCrdNo>000151850</brokerCrdNo>
            <brokerLei>25490055RCIM412FC286</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>12336</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch, Pierce, F&amp;S Inc.</brokerName>
            <brokerFileNo>8-7221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>9600</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS Securities LLC</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFCRVK44</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>9411</grossCommission>
          </broker>
          <broker>
            <brokerName>Barclays Capital Inc.</brokerName>
            <brokerFileNo>8-41342</brokerFileNo>
            <brokerCrdNo>000019714</brokerCrdNo>
            <brokerLei>AC28XWWI3WIBK2824319</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>8847</grossCommission>
          </broker>
          <broker>
            <brokerName>Credit Suisse Securities (US) LLC</brokerName>
            <brokerFileNo>8-422</brokerFileNo>
            <brokerCrdNo>000000816</brokerCrdNo>
            <brokerLei>1V8Y6QCX6YMJ2OELII46</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>8538</grossCommission>
          </broker>
          <broker>
            <brokerName>Wells Fargo Securities LLC</brokerName>
            <brokerFileNo>8-65876</brokerFileNo>
            <brokerCrdNo>000126292</brokerCrdNo>
            <brokerLei>VYVVCKR63DVZZN70PB21</brokerLei>
            <brokerStateCountry brokerState="US-NC" brokerCountry="US"/>
            <grossCommission>8456</grossCommission>
          </broker>
          <broker>
            <brokerName>Cowen &amp; Company, LLC</brokerName>
            <brokerFileNo>8-22522</brokerFileNo>
            <brokerCrdNo>000007616</brokerCrdNo>
            <brokerLei>549300WR155U7DVMIW58</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>7338</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>139336</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Franklin Distributors, LLC</principalName>
            <principalFileNo>8-53089</principalFileNo>
            <principalCrdNo>000109064</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-CA" principalCountry="US"/>
            <principalTotalPurchaseSale>30100000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Morgan Stanley Distribution, Inc.</principalName>
            <principalFileNo>8-44766</principalFileNo>
            <principalCrdNo>000030344</principalCrdNo>
            <principalLei>54930020DF0S7EF78K71</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>24202241</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>54302241</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>592305057</mnthlyAvgNetAssets>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <closedEndManagementInvestment>
      <securityRelatedItems>
        <securityRelatedItem>
          <description>Common stock</description>
          <securityClassTitle>N/A</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="XNYS" commonStockTickerSymbol="PEO"/>
          </commonStocks>
        </securityRelatedItem>
      </securityRelatedItems>
      <isRightsOffering>N</isRightsOffering>
      <isSecondaryOffering>N</isSecondaryOffering>
      <isRepurchaseSecurity>N</isRepurchaseSecurity>
      <isDefaultLongTermDebt>N</isDefaultLongTermDebt>
      <isDividendsInArrears>N</isDividendsInArrears>
      <isSecuritiesModified>N</isSecuritiesModified>
      <managementFee>0</managementFee>
      <netOperatingExpenses>0.56</netOperatingExpenses>
      <marketPricePerShare>21.8</marketPricePerShare>
      <netAssetValuePerShare>25.85</netAssetValuePerShare>
    </closedEndManagementInvestment>
    <attachmentsTab>
      <isLegalProceedings>false</isLegalProceedings>
      <isProvisionFinancialSupport>false</isProvisionFinancialSupport>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
      <isChangeAccPrinciples>false</isChangeAccPrinciples>
      <isInfoRequiredEO>false</isInfoRequiredEO>
      <isOtherInfoRequired>false</isOtherInfoRequired>
      <isMaterialAmendments>false</isMaterialAmendments>
      <isInstDefiningRights>false</isInstDefiningRights>
      <isNewOrAmendedInvAdvContracts>false</isNewOrAmendedInvAdvContracts>
      <isInfoItem405>false</isInfoItem405>
      <isCodeOfEthics>false</isCodeOfEthics>
    </attachmentsTab>
    <signature registrantSignedName="Adams Natural Resources Fund, Inc." signedDate="2023-03-15" signature="/s/ Brian S. Hook" title="Vice President, CFO, and Treasurer"/>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>peo-letter.htm
<DESCRIPTION>INTERNAL CONTROL RPT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="pwc-logo.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Report of Independent Registered Public Accounting Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">To the Board of Directors and Shareholders of Adams Natural Resources
Fund, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">In planning and performing our audit of the financial statements
of Adams Natural Resources Fund, Inc. (the &quot;Fund&quot;) as of and for the year ended December 31, 2022, in accordance with the standards
of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund&rsquo;s internal control over financial
reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing
our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion
on the effectiveness of the Fund&rsquo;s internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness
of the Fund's internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The management of the Fund is responsible for establishing
and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management
are required to assess the expected benefits and related costs of controls. A company&rsquo;s internal control over financial reporting
is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial
reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles,
and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of
the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition
of a company&rsquo;s assets that could have a material effect on the financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are
subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies
or procedures may deteriorate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">A deficiency in internal control over
financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination
of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement
of the company's annual or interim financial statements will not be prevented or detected on a timely basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Our consideration of the Fund&rsquo;s internal control over
financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in
internal control over financial reporting that might be material weaknesses under standards established by the PCAOB. However, we noted
no deficiencies in the Fund&rsquo;s internal control over financial reporting and its operation, including controls over safeguarding securities, that we
consider to be material weaknesses as defined above as of December 31, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">This report is intended solely for the information and use of the Board
of Directors of Adams Natural Resources Fund, Inc. and the Securities and Exchange Commission and is not intended to be and should not
be used by anyone other than these specified parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="pwc-sign.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Baltimore, Maryland</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">February 10, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>PricewaterhouseCoopers LLP, 100 East Pratt Street, Suite 2600,
Baltimore, MD 21202</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>T: (410) 783-7600, F: (410) 783-7680, </I>www.pwc.com/us</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>pwc-logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pwc-logo.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  (! 0(! 0(" @(" @(" P4# P,#
M P8$! ,%!P8'!P<&!P<("0L)" @*" <'"@T*"@L,# P,!PD.#PT,#@L,# S_
MVP!# 0(" @,# P8# P8," <(# P,# P,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,# P,# P,# P,# P,# S_P  1" !U (4# 2(  A$! Q$!_\0
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MAE5U^'UR&0A@?^$AU+@C_MO7R]?P\S*>TX??+_Y$_2J'T@^'()IT:W_@,/\
MY8?C-X%4'39N/^6O]!7I'P6&WQPF./W+]/PK]:[#_@CO^SYID92'P3<(K'<1
M_;=\>?QFK3T3_@E+\#/#M\+FS\(W$4P4KN_MB\;@]>#*14Y%X=YE@LSHXRK.
M#C"2;LY7LNWNK\SBQGCUP_5A*,:-;7^[#_Y85_\ @EB<_LSW'_8;N/\ T7#7
MTE7,?"7X/>'_ ('^%FT;PU9M8Z>T[7)C:=YB9&"@G+DGHHXSVKIZ_:9N\FT?
MRYGN.IXW,:^+I)J,Y2DK[V;OKO\ F%%%%2>4%%>&_P#!0G]N_0O^"=G[/C?$
M#7_#'C3QA ]_%I=MI?A?3OMM[//(DCKE2RA(\1-ER>.."2*_%_XB_P#!Z_XN
MU+XNZ=IOA7X(Z#X;\.)J<=MJ,GB"_N=2U$0>8%D*Q0"$1R@9PF9.1CF@#^A*
MBOP'_;"_X/,/&WP^^('V/X??L_?V1X?WL;6^\=27,-WJL0/$BV\0C$61CCS)
M>HY[5]H_\$E?^#C;P?\ \%(O@A\1]2U?P;J?ACX@_"K0Y_$>I^&=)E_M2;7+
M"&,LTVG@JC2/O C,)&0TL0WMOR #])Z*_"K]J?\ X//Y_A7XE?1_#'[-?B?3
M[C D23QMJATJX,>2,_9(X7.#@X/F]0>N*_6']D;]M&Q^.7_!/;P5\>/&0TOP
M9INN^$X_%6K[KDFTTB$PF64F1@"4103DCM0![I17XO?L'?\ !UMK'[=?_!2_
MPM\&M)^%6C:9X+\8:Y>6&GZU+JDQU 6D4,\L,KP[ @D=8EW+G"[B,G&:]8_X
M.%?^"]7CK_@D'X_^'/AOP/X(\)^);CQC87.IW5WKLMPR0I%*L8B2.%HSN.2=
MY<CI\M 'ZDT5^=VF_P#!QI\*/"7_  2@\#?M,>/M.OO#U[X[%W8Z7X/M)!=7
MVJ:C:32P316[$*# &BW&9PJHKH&^=E5OD;X._P#!R+^UY^W)X0^)'C[X)_LY
M?#G3OAE\+=+NM7UW5?$VJW5TEM';V[W#PK,CVXEN#&A/EQQL5W+N(# D _<J
MBOR4_P"")G_!T!8_\%,?V@;+X0>/O =IX&\=:O:3W&CWVEW[W&G:O)!&TTD'
MER+YD#B))'7+R!A&PRIP&_6N@ HHHH **** "BBB@ K^(GQ9_P I7M2_[*S+
M_P"G@U_;M7\/7Q6\2VG@O_@IOXDUC4':*PTGXGW5Y<NJ%RD4>JL[D* 22%!X
M R: /ZQ_^"[_ .R]X5_:F_X)3_&FQ\365M-+X4\+:AXJT>[=!YNG7UA;27,3
MQMU7=Y9C;'5)''>OYJ?^#:_QCJW@[_@M;\#SI,DRMJ6H7FGW<<9.)K:6PN1(
M&'=0/GYZ% >U?I9_P6Z_X.1/!'[8'[*.L_ []F*S\7^-O$/Q&7^R]:U)- NH
M!::<V/.A@B=1-)+-_JS^[VA&?G<5Q>_X-6_^"%GC?]G7XH7W[0OQK\*ZCX2U
MNSLWL/!6B:FGE7T/GHR7-]/"?GA;RB88T?#$2S$J/D) /E[_ (/4S_QM"\!?
M]DQL?_3IJM>N?%3]H;7_ -MS_@G]^QG^P#\(+\CQ5\2/"FBZG\0=1A4R1^']
M(CB6=(Y@I_NK]I=<J2L4"C/GUY)_P>I*6_X*@^ L _\ ),;'M_U%-5K]"O\
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=BB@ HHHH **** "BBB@ HHHH **** "BBB@#_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>pwc-sign.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pwc-sign.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_X1$*17AI9@  34T *@    @ ! $[  (
M   5   (2H=I  0    !   (8)R=  $    J   0V.H<  <   @,    /@
M   <Z@    @
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M                                                 $=U<G5M;V]R
M=&AY+"!2979A=&AI    !9 #  (    4   0KI $  (    4   0PI*1  (
M   #,3(  )*2  (    #,3(  .H<  <   @,   (H@     <Z@    @
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M                                 #(P,C,Z,#,Z,#@@,3<Z,S0Z-3(
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M\O/T]?;W^/GZ_\0 'P$  P$! 0$! 0$! 0        $" P0%!@<("0H+_\0
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M%@K;6((!QG!KR/\ 9SO+C_A#-7TB^)-QI>K31,3TYP3C''WMW KU^D553.T
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/ 4444 %%%% !1110!__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
